The Managing Director of the International Monetary Fund (IMF),
Michel Camdessus, met today at the IMF with Norbert Lala
Ratsirahonana, Prime Minister and Acting President of the
Republic of Madagascar. The Prime Minister transmitted
Madagascar's policy framework paper for 1996-99 and a request for
an IMF arrangement under the enhanced structural adjustment
facility, in support of the authorities' economic and financial
program aimed at restoring financial stability and enhancing
growth prospects. The Prime Minister also informed the IMF of
Madagascar's acceptance of the obligations of Article VIII,
Sections 2, 3, and 4 of the IMF's Articles of Agreement. IMF
members accepting Article VIII obligations undertake to refrain
from imposing restrictions on making payments and transfers for
current international transactions or from engaging in
discriminatory or multiple currency practices without IMF
approval.

Camdessus welcomed the authorities' new policy framework, and
said he is prepared to recommend the program to the IMF's
Executive Board for its consideration and approval. Meanwhile, he
encouraged the authorities to continue to implement the policies
set out in their program, with a view to reviving the economy,
strengthening confidence, and achieving financial stability.